Well after months of debating, and a lengthy and costly court case, CEO and founder Greg Glassman now owns 100% of CrossFit.
The news means that CrossFit will remain independent, and will not be bought out by the investment firm Anthos Capital.
Coach Glassman made the announcement on CrossFit’s message board on Thursday morning:
As of yesterday morning I own 100% of CrossFit Inc. stock.
I want to thank my staff, our lawyers, the affiliates, and the entire CF community for rallying to our common defense.
This was a harrowing experience that pulled critical staff from their normal duties for six months and cost millions of dollars in legal fees.
Staffers not enjoined directly in the battle kept at the helm and grew the company to absorb all of our legal fees and we paid cash for the airplane. Today we stand in the best financial shape in company history.
For those of you who aren’t familiar with the debate, it all started about 6 months ago when Greg’s former wife, Lauren decided to sell her half share in CrossFit.
At the time Anthos Capital were interesting in buying the share, but the takeover would have come at a cost.
If the deal went through it was claimed affiliate owners could have lost their right to choose what brands they stock in their boxes, and be forced to sell the Anthos company’s endorsed line of products instead.
But in the end, it wasn’t to be. The court ruling at the divorce court in Arizona’s Yavapai County ruled on November 2nd that Greg Glassman had until November 15th to match Anthos’s offer for Lauren’s stake in the company.
That means, as of today, Greg Glassman is now the sole controller of the CrossFit.
What are your thoughts on the debate? Tell us in the comment section below: